1 2 Agenda Welcome Kim Watkins | VP, Investor Relations Company Growth Strategy Sasan Goodarzi | CEO Technology Fueling Our Innovation Alex Balazs | EVP and Chief Technology Officer Business Platform Growth Strategy Marianna Tessel | EVP and GM, Small Business Group Ashley Still | EVP and GM, Mid-Market Group BUSINESS PLATFORM IMMERSION David Hahn | EVP and GM, Services Group Break Consumer Platform Growth Strategy Mark Notarainni | EVP and GM, Consumer Group CONSUMER PLATFORM IMMERSION Arundati Singh | SVP ...

Core Viewpoint - Intuit will reaffirm its financial guidance for Q1 and fiscal year 2026 during its upcoming investor day event [2] Group 1: Company Overview - Intuit owns several well-known financial products including TurboTax, Credit Karma, Mailchimp, and QuickBooks [2] Group 2: Financial Guidance - The company is set to provide updates on its financial expectations for the first quarter and the entire fiscal year 2026 [2]

Core Insights - The investment approach focuses on identifying businesses with potential for long-term growth and significant terminal value generation [1] - Emphasis is placed on understanding core business economics, including competitive advantages, unit economics, reinvestment opportunities, and management quality [1] - The goal is to translate these factors into sustainable free cash flow and shareholder value creation [1] Investment Strategy - The investment strategy is fundamentally driven, concentrating on sectors that exhibit strong secular growth trends [1] - The investor is self-educated and has been managing personal funds for 10 years, initially funded by friends and family [1] - The intention behind sharing insights on Seeking Alpha is to provide valuable analysis and receive feedback from the investment community [1] Analytical Approach - The analysis aims to highlight what truly drives long-term equity value, advocating for a blend of analytical rigor and accessibility [1] - The focus is on high-quality, long-term investment opportunities that can yield substantial returns [1]

Group 1 - Intuit is a global financial technology platform that simplifies financial management for individuals and small/medium businesses (SMBs) [1] - The company's QuickBooks software serves as a financial core for many users, indicating a strong competitive advantage [1] Group 2 - The article highlights the author's focus on growth stocks, particularly those integrating AI and possessing a competitive moat [1] - The investment strategy emphasizes identifying undervalued stocks with high growth potential rather than following market trends [1]

Group 1 - Intuit Inc. is recognized as one of the 10 Unrivaled Stocks for the next three years, with Mizuho maintaining an Outperform rating and a price target of $875 [1] - Mizuho noted that the Global Business Solutions Group (GBSG) growth forecast of 14-15% year-over-year was lower than expected, but the core business momentum remains strong in key growth segments [2] - The guidance for GBSG implies a 19% growth in the QuickBooks Online (QBO) ecosystem, with AI identified as a significant growth driver [3] Group 2 - Mizuho considers the guidance for QBO growth to be conservative, suggesting it could reach 23%, and TurboTax's forecast of 8% growth is also seen as conservative with potential for double-digit growth [4] - The upcoming Investor Day on September 18 is highlighted as a crucial event that may provide further insights into QBO and TurboTax, potentially boosting investor confidence [4]

Core Insights - Artificial intelligence is significantly transforming the fintech industry, creating opportunities for firms that effectively utilize data, automation, and predictive models to improve customer outcomes [1] - Intuit Inc. and Upstart Holdings represent two distinct approaches to leveraging AI in financial services [1][3] Intuit Overview - Intuit is building a comprehensive platform through its ecosystem, which includes QuickBooks, TurboTax, Credit Karma, and Mailchimp, targeting consumers, small businesses, and professionals [2] - The company reported a total revenue growth of 16% in fiscal 2025 and projects a growth of 12-13% for fiscal 2026, indicating strong confidence in sustained growth [4] - Intuit is focusing on unifying its offerings into an all-in-one financial operating system, with significant traction in the mid-market segment, which has an $89 billion total addressable market [5] - TurboTax Live saw a 47% increase in adoption in 2025, while Credit Karma grew by 32%, showcasing the effectiveness of AI in enhancing customer engagement [6] - Despite challenges tied to small business health and consumer spending, Intuit's strategy emphasizes resilience and consistent growth through data consolidation and technology investment [7] Upstart Overview - Upstart aims to revolutionize consumer lending with its AI-driven credit underwriting model, targeting a broad market by underwriting 100% of Americans [8] - The proprietary AI model, "Model 22," has improved underwriting accuracy and borrower acquisition efficiency, leveraging a unique dataset of over 91 million repayment events [8] - Upstart is rapidly expanding its product offerings beyond personal loans into auto refinancing and home equity lines of credit, significantly increasing its total addressable market [9][10] - The company has reduced delinquency rates by up to 32% through machine learning improvements, enhancing loan performance and borrower experience [11] - Upstart's innovative approach positions it as a disruptive force in the lending industry, with a focus on scaling its AI capabilities across various financial products [12] Financial Performance and Valuation - The Zacks Consensus Estimate projects Intuit's fiscal 2026 sales to increase by 11.90%, while Upstart's 2025 sales are expected to rise by 51.36% [13][14] - Intuit shares are trading at a forward Price/Sales ratio of 8.49X, while Upstart is at 5.37X, both below their one-year medians [17] - Over the past six months, Upstart's shares have outperformed those of Intuit and the S&P 500 composite [18] Investment Considerations - Intuit is recognized for its scale, ecosystem synergies, and reliable growth, making it a stable choice in financial software [21] - Upstart presents a more compelling investment opportunity due to its rapid product diversification and disruptive potential in the lending market [21] - Current rankings indicate Intuit holds a Zacks Rank 3 (Hold), while Upstart has a Zacks Rank 2 (Buy) [22]

Core Insights - Intuit Inc. has announced the launch of Clair On-Demand Pay as part of its Enterprise Suite and QuickBooks Payroll offerings [1] - The new service allows employees to access their earnings early through advances provided by Pathward®, N.A., a national bank [1] Company Developments - The partnership with Clair, a fintech company focused on providing early access to earnings, enhances Intuit's financial technology platform [1] - This initiative is aimed at improving employee financial wellness by offering flexible payment options [1]

Core Insights - Intuit Inc. is highlighted as a stock to consider investing in prior to its anticipated stock split, with a Buy rating and a price target of $875 set by Mizuho Securities analyst Siti Panigrahi [1][3] Financial Performance - The company's total revenue for FY2025 increased by 16%, with Q4 revenue reaching $3.8 billion, marking a 20% year-over-year growth [2] - The Consumer Group revenue grew by 10% for FY2025, with TurboTax Live service experiencing a significant 47% revenue growth [2] - Credit Karma's revenue rose by 32% for FY2025, while the Global Business Solutions Group's revenue grew by 18% in Q4 [2] - Revenue from QuickBooks All-in Accounting increased by 23%, and Online Services revenue saw a 19% rise in Q4 [2] Financial Position - Intuit maintains a solid financial position with approximately $4.6 billion in cash and investments [3] - The company has not included any immediate monetization from its new AI agents in its FY2026 guidance, indicating that the full revenue potential of this initiative is yet to be realized [3] Business Segments - Intuit operates in four segments: Global Business Solutions, Consumer, Credit Karma, and ProTax, providing a range of financial management, payments, compliance, and marketing products and services in the US [4]

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Dow Jones U.S. ETF (Symbol: IYY), we found that the implied analyst target price for the ETF based upon its underlying holdings is $176.57 per unit.With IYY trading at a recent price near $160.66 per unit, that mean ...

PresentationKasthuri RanganHead of Software Coverage So this is the day 3 of the Goldman Sachs Communacopia and Technology Conference. The fourth year that we have rebranded at this conference and reversioned it and consolidated a couple of industry groups, and it's been a tremendous success. We're more than 3,000 registrations. I know that may not sound like a big number, but in our industry, financial services industry, that's actually pretty good, it's one of the -- if not the biggest -- probably the big ...